The electric vehicle market is poised to grow by 6,173.30 thousand units during 2019-2023, progressing at a CAGR of over 31% during the forecast period says the report of Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. BAIC Motor Corp. Ltd., BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Nissan Motor Co. Ltd., Renault SA, Tesla Inc., Toyota Motor Corp., and Volkswagen AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Growing demand and sale of BEVs has been instrumental in driving the growth of the market.
Electric Vehicle Market is segmented as below:
- Geographic Landscape
- North America
- South America